As of 1 January 2022 the “Fast Track Business Activation Mechanism” was evolved into the “Business Facilitation Unit (BFU)”. The BFU is the single point of contact for foreign companies.
The purpose of the new unit is to efficiently and effectively process the requests received from foreign companies for the establishment of a company in Cyprus or the expansion of activities of existing companies. The Unit will also facilitate the issue of working permits.
Eligible companies:
- Foreign companies/ undertakings operating in the Republic of Cyprus or foreign companies/ undertakings intending to operate in the republic of Cyprus and operating independent offices in Cyprus, housed in appropriate premises, separate from any private residence or other office
- Cypriot shipping companies
- Cypriot high technology / innovation companies,
- Cypriot pharmaceutical companies or Cypriot companies active in the sectors of biogenetics and biotechnology.
The successful applicants who meet the criterion can benefit in many ways such as:
- Get residence and Employment Permit for high skilled third countries employees, with a minimum gross monthly salary of €2,500 under the following conditions:
- University diploma, degree or equivalent qualification or certificates of relevant experience in a corresponding position lasting not less than 2 years
- Valid employment contract of not less than 2 years
- Family reunification (direct and free access to the labor market, as paid employees, to the spouses of those who obtained a residence or work permit and gross monthly salary of €2,500)
- Simplification of the process of getting work permits
- Access to Digital Nomad Visa
- Tax Exemptions (50% exemption on remuneration from employment of the new resident-employees for remuneration between €55.000 – €100.000, for 17 years)
- Naturalization for the Non-EU nationals working Cyprus by receiving the Cyprus passport (after 5 years of residence and work in Cyprus or after 4 years provided they have a recognized certificate of very good knowledge of the Greek language)
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